US benchmark equity indexes closed with mixed results on Tuesday, reflecting the increasing tensions between Russia and Ukraine. Ukraine's recent attack on a Russian weapons arsenal with missiles made in the United States has caused concern among investors. The Biden administration has granted Ukraine permission to utilize longer-range American weapons against targets in Russia, highlighting the escalating situation in the region. In the housing market, US housing starts saw a decline greater than anticipated last month.
Gains in multi-family projects were overshadowed by a reduction in the single-family housing component, based on government data. Analysts from Oxford Economics noted that Hurricanes Helene and Milton adversely affected starts in the South, stating that "Hurricanes Helene and Milton 'dragged down' starts in the South by more than projected." They expressed optimism regarding a rebound in starts as reconstruction efforts in the hardest-hit areas commence. Retail sales data from Redbook indicated that US same-store retail sales rose by 5.1% year-over-year for the week ending November 16, a notable increase from the previous week's 4.8% gain.
The surge was attributed to strong customer engagement during Veterans Day, and traffic is anticipated to rise as Thanksgiving nears, urging buyers to act before the holiday rush. In the commodities market, December West Texas Intermediate crude oil prices increased by $0.23, settling at $69.39 per barrel.
Meanwhile, January Brent crude, the global benchmark, saw a modest rise of $0.12 to reach $73.42. This price movement is occurring against a backdrop of resumed production at Equinor's ($EQNR) Johan Sverdrup oilfield offshore Norway, which had been halted due to a power disruption, amid high geopolitical tensions following the Biden administration's decisions regarding Ukraine. In corporate news, Walmart ($WMT) raised its full-year outlook following stronger-than-expected fiscal Q3 results, leading to a 3% boost in its shares across all segments.
Conversely, shares of H&R Block ($HRB) and Intuit ($INTU) experienced declines following a Washington Post report on discussions among leaders of President-elect Donald Trump’s "Department of Government Efficiency" regarding a potential mobile app for Americans, allowing them to file taxes for free with the IRS.
H&R Block’s shares dropped by 8.2%, while Intuit’s fell by 5%..